Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Alloway Housing Development Fund Corporation under programs of the federal government for the year ended December 31, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Alloway Housing Development Fund Corporation, it is not intended to and does not present the financial position, change in net assets, or cash flows of Alloway Housing Development Fund Corporation.
The Company was awarded a capital advance from HUD for the construction of the rental property. It is administered directly by the Company, and the balance and transactions relating to this program are included in the Company's basic financial statements. The loan outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. The balance of the loan outstanding at December 31, 2025 was $2,084,318.